There are many questions we have to ask ourselves in retirement. However, few are more important than those regarding your retirement support system. There are tough choices, tiresome planning, and troubles with health that we all must be ready to tackle. Especially for you are one of the 80% of people who wish to stay in their home as long as possible. If you or your spouse are among the millions of Americans planning to stay home as you age, there are lots of considerations you need to make about your retirement support system. And the first step is deciding your continuing care at home (CCAH) network of support.
Building Your Continuing Care at Home Network
First, when starting your plan to stay at home as you age you will have to create a support network. Here, we will go over the three big questions you need to answer when creating your continuing care at home planning.
1.Who will I build into my network of support if my health becomes a concern?
Confer with Family, Friends, and Neighbors: Be sure to discuss your later in life wishes early and decide who will be involved in your support system. These people often include family and friends, but also neighbors are a vital resource. See if your neighbors are willing to serve as a source of contact for your family and friends to help with checkups and wellness checks.
Contact a Care Manager: A care manager is a specially trained individual who navigates complicated health matters. They bridge the gap between family and possible care providers. They will help you and your family decide on courses of action for a wide range of scenarios you may not have considered.
Talk to a Care Coordinator: A care coordinator works for a Continuing Care at Home (CCAH) program. If you join a care program, a coordinator is assigned and will give you advice on how to remain in your home safely. Their goal is to keep you as independent as possible as long as possible. They will additionally advocate for and support you if your health takes a turn. Your advocate will help with your home planning, tracking health changes, and partner with you in making decisions related to your care.
2. How will I stay engaged in my interests, remain social, and find emotional support?
Make decisions about your future community. This means deciding if you actually want to stay where you are. Does your community have local opportunities for you to get out of the house and socialize? Are you in a community with people in similar stages of life? These all become important factors when making your long term plan. Ask your neighbors about their long term plans. That way you can prepare if they move one day and that support disappears. Maybe you’ll want to be closer to family or an area of town that is more pedestrian-friendly so you can continue enjoying the benefits of a social community.
Consider your opportunities for staying social. You may choose a service that offers programs, continued learning, or social opportunities that will keep you actively engaged with your community and community members. Clubs, volunteer groups, and community centers are all great opportunities to stay engaged. If you opt for a continuing care at home program, many of them offer social components. Finding peers is important but intergenerational experiences are just as beneficial.
3. How will I support myself financially if my circumstances change?
When you think you are done planning, plan some more. Planning for financial success as you age means crunching a lot of numbers and anticipating worse case scenarios. First, you should start by reading about the cost of care to get you started. The trickier part is anticipating your needs. Many people don’t like thinking about worst-case scenarios, but it is necessary. Now is the time to prepare for every possibility. Every change in health affects your savings, so don’t get caught off guard by life’s surprises.
Consider long-term care insurance. Long term care insurance (LTCI) is a specific insurance plan that reimburses insurance holders for home care services, assisted living, and nursing expenses. These plans give policyholders peace of mind because such plans aid in preventing unexpected health expenses. LTCIs prevent individuals from dipping into retirement savings when changes occur.
Look into CCAH options. A CCAH, is a program offering service packages for your specific goals. Benefits include financial planning, care coordination, and wellness advocates. The cost of these memberships are based on the benefits package you choose. Some CCAH programs have a fee structure that includes an upfront deposit in addition to monthly membership charges and others simply charge a monthly fee.
Start Planning Your Continuing Care at Home
We know planning your future can be stressful, but answering these three questions is one of the first steps on the path to successful aging. If you wish to learn more about Confident Living and how we can help you stay in your home, check out our on-demand seminar.
Confident Living is a continuing care at home membership program, focused on helping you age in your own home. We serve the greater Cincinnati area. For more information, contact us online or call (513) 719-3522.